The Aim-listed company surged on news of the oligarch's investment.

Publication: The Telegraph

Author: Ben Martin

Dealers were betting the arrival of Roman Abramovich on the shareholder register of Clean Air Power today would boost the group’s push into Russia.

The Chelsea FC owner’s Ervington Investments vehicle has taken a stake of about 1.5pc in the Aim-listed company through participation in a £5m share placing, and Zara Shvidler, the wife of a close friend of Mr Abramovich, has bought a similar holding.

Clean Air has developed technology allowing trucks with diesel engines to run on clean and cheap natural gas and will fund marketing and sales in both Russia and the US with money raised from the placing. Traders sent the shares surging 3, or 32.4pc, to 12¼p on hopes the backing of Mr Abramovich, who has made a string of investments in green technology, will help Clean Air win business in the oligarch’s homeland, where considerable investment in the gas refuelling infrastructure has been proposed.

In the wider market, the FTSE 100 added 45.23 points to 6,492.1 but the gain was not enough to stop the blue-chip index from sliding 0.1pc on the week, its third consecutive loss. Ahead of the long Bank Holiday weekend, trading volumes were predictably light, with some dealers having already decided to call it a week.